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Adam Smith and modern economics

Author

Listed:
  • Sandmo, Agnar

    (Dept. of Economics, Norwegian School of Economics and Business Administration)

Abstract

In his Wealth of Nations (1776) Adam Smith created an agenda for the study of the economy that is reflected in the structure of modern economics. This paper describes Smith’s contributions to four central areas of economic theory: The theory of price formation, the relationship between market outcomes and the public interest, the role of the state in the economy, and the sources of economic growth. In each case, an attempt is made to relate Smith’s contribution to the state of contemporary economics, showing both the similarities and contrasts between the respective approaches.

Suggested Citation

  • Sandmo, Agnar, 2014. "Adam Smith and modern economics," Discussion Paper Series in Economics 13/2014, Norwegian School of Economics, Department of Economics.
  • Handle: RePEc:hhs:nhheco:2014_013
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    More about this item

    Keywords

    Adam Smith; markets; government; economic growth.;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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